Paid trade expense is an cash or credit transaction
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After having checked the accuracy of the books of accounts through preparation of trial balance, businessman wants to ascertain the profit earned or loss suffered during the year and also the financial position of his business at the end of the year. For this purpose he prepares 'final accounts' which are turned as 'financial statement. This include the following. 1.trading account. 2.profit & loss account. 3.balance sheet..........
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